- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 27, 1996
EquiVantage Home Equity Loan Trust 1996-3
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 33-99364 Application Pending
- --------------------------------- ---------------- ------------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o EquiVantage Acceptance Corp., 77040
Attention: John E. Smith ------------------------
13111 Northwest Freeway (Zip Code)
Houston, Texas
-----------------------------
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (713) 895-1957
13111 Northwest Freeway, Houston Texas 77040
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of EquiVantage Home Equity Loan Trust
1996-3 Home Equity Loan Asset-Backed Certificates, Series 1996-3, described in a
Prospectus Supplement dated August 20, 1996, certain "Computational Materials"
within the meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
EQUIVANTAGE ACCEPTANCE CORPORATION
as Sponsor and on behalf of
EQUIVANTAGE HOME EQUITY LOAN TRUST 1996-3
-----------------------------------------
Registrant
By: /s/ John E. Smith
-----------------------
Name: John E. Smith
Title: President
Dated: August 27, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational Materials 6
(as defined in Item 5 above).
EXHIBIT 99.1
Marketing Memorandum for
EquiVantage Home Equity Loan Trust 1996-3
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Sponsor. PSI makes no representations as to
the accuracy of such information provided to it by the Sponsor. All assumptions
and information in this report reflect PSI's judgment as of this date and are
subject to change. All analyses are based on certain assumptions noted herein
and different assumptions could yield substantially different results. You are
cautioned that there is no universally accepted method for analyzing financial
instruments. You should review the assumptions; there may be differences between
these assumptions and your actual business practices. Further, PSI does not
guarantee any results and there is no guarantee as to the liquidity of the
instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. PSI (or any of its affiliates) or their officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to here, and may, as principal or
agent, buy or sell such securities, commodities or derivative instruments. In
addition, PSI may make a market in the securities referred to herein. Neither
the information nor the assumptions reflected herein shall be construed to be,
or constitute, an offer to sell or buy or a solicitation of an offer to sell or
buy any securities, commodities or derivative instruments mentioned herein. No
sale of any securities, commodities or derivative instruments should be
consumated without the purchaser first having received a prospectus and, if
required, prospectus supplement. Finally, PSI has not addressed the legal,
accounting and tax implications of the analysis with respect to you, and PSI
strongly urges you to seek advice from your counsel, accountant and tax advisor.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-3
Preliminary Marketing Memo
Title of Securities: EquiVantage Home Equity Loan Trust 1996-3, Class A-1
Fixed Rate Certificates, Class A-2 Fixed Rate
Certificates, Class A-3 Fixed Rate Certificates,
(collectively, "Certificates").
Collateral: Substantially all of the collateral consists of fixed
rate home equity loans
Approximate Size: [$100,000,000]
Class A-1 Class A-2 Class A-3
----------- ----------- -----------
Approximate Face
Amount: $74,248,000 $10,000,000 $15,752,000
Average Life to Maturity: [2.049] [5.624] [9.173]
Average Life to 10% Call: [2.049] [5.624] [7.834]
Price: 99-31 99-31 99-29
Spread: 75 95 118
Coupon: 6.850 7.275 7.700
Pricing Speed: [24 HEP] [24 HEP] [24 HEP]
Yield (CBE): 6.712 7.283 7.759
Day Count: 30/360 30/360 30/360
Expected Maturity: 06/25/01 02/25/03 07/25/11
Expected Maturity to
10% Call: 06/25/01 02/25/03 11/25/04
Final Maturity: 09/25/15 03/25/21 09/25/27
Servicer: EquiVantage Inc.
Servicing Fee: 50 basis points per annum for first lien loans and
75 basis points per annum for second lien loans.
Trustee: Norwest Bank Minnesota, National Association
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's.
Certificate Insurer: Financial Guaranty Insurance Company ("FGIC"). FGIC's
claims-paying ability is rated AAA/Aaa/AAA by Standard
and Poor's, Moody's and Fitch.
Certificate Insurance: Timely payments of interest and eventual principal on
the Certificates will be 100% guaranteed by FGIC.
Cashflow Priority: 1) Servicing fee;
2) FGIC fee;
3) Trustee fee;
4) Repayment of unreimbursed Surety payments;
5) Accrued monthly interest for Class A-1;
6) Accrued monthly interest for Class A-2;
7) Accrued monthly interest for Class A-3;
8) Monthly principal to Class A-1 until the Class
A-1 principal balance has been reduced to zero;
9) Monthly principal to Class A-2 until the Class A-2
principal balance has been reduced to zero;
10) Monthly principal to Class A-3 until the Class A-3
principal balance has been reduced to zero;
11) Repayment of any unreimbursed Servicer advances;
12) Excess cashflow to build over-collateralization
("O/C"); and
13) Any remaining excess cashflow to to holder of Class
B Certificates and Class R Certificates.
Credit Enhancement: 1) 100% wrap from FGIC guaranteeing timely payment of
interest and eventual principal.
2) Overcollateralization.
3) Excess monthly cash flow
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-3
Preliminary Marketing Memo
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of the
Certificates relative to the amortization of the related
collateral, generally in the early months of the
transaction. Accelerated amortization is achieved by
applying certain excess interest collected on the
collateral to the payment of principal on the
Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the Certificates faster than the
principal amortization of the respective collateral
pool, an overcollateralization amount equal to the
excess of the aggregate principal balance of the
Collateral Pool over the principal balance of the
related Certificates is created. Excess cashflow will be
directed to build the O/C amount until the pool reaches
its required O/C target. Upon this event the
acceleration feature will cease, unless it is once again
necessary to maintain the required O/C level.
Overcollateralization
Levels (Approx.): Initial O/C based on O/C Target based on
collateral balance:[2.60%] collateral balance:[5.20%]
In addition, for the first six Payment Dates, the O/C
target will be equal to [0.50%] of the initial
collateral balance.
These O/C percentages are subject to step-downs
beginning in month 36 if certain tests are met.
Clean-up Call: The Residual Holder has the right to purchase the
mortgage loans from the Trust when the outstanding
aggregate principal balance of the mortgage loans has
declined to 10% or less of the initial aggregate
principal balance of the mortgage loans. If such option
is not excercised, the Servicer will then have such
option. The option to purchase the mortgage loans is at
par plus accrued interest for both the Residual Holder
and the Servicer.
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on September 25, 1996.
Payment Delay: 24 days.
Interest Accrual
Period: Interest will accrue from the 1st day of the preceeding
month until the 30th day of the preceeding month for the
Class A-1, Class A-2 and Class A-3 Certificates.
Pricing Date: [August 20, 1996]
Settlement Date: [August 27, 1996]
ERISA
Considerations: The Certificates will be ERISA eligible. However,
investors should consult with their counsel with respect
to the consequences under ERISA and the Internal Revenue
Code of the Plan's acquisition and ownership of such
certificates.
Taxation: REMIC.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER,PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-3
Preliminary Marketing Memo
Available Pool
Information: AS OF July 31, 1996, THE STATISTICAL CALCULATION DATE:
Loans: 1,460
Balance: $88,862,779.44
WAC: 11.081%
WAM: 245.5
WA CLTV: 76.826%
% 1st Lien: 97.34%
% 2nd Lien: 2.66%
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
Further Information: Call the desk at (212) 778-2741, Mimi Cheng at (212)
778-7474, Vito Lodato at (212) 778-1390, Paul Richardson
at (212) 778-1507, or Randy White at (212)778-7461 with
any questions.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
Financial Strategies 08/20/96 06:33:26 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP EQHEL63 Coupon 6.850
Class A1 SEQ Accr 0.49472 1st Pmt 09/25/96
Collateral 100% HOME EQUITY LOANS (Real) Factor on / /
N/GWAC (Orig) / (10.579/11.086)
WAM (Orig) (25.738) Mat 09/25/15 Settle 08/27/96
CenterPrice 99-31 Inc 0.5 Table Yield Roll@
HEP HEP HEP HEP HEP HEP HEP
Price 24.00 18.00 20.00 22.00 26.00 28.00 30.00
------- ----- ----- ----- ----- ----- ----- -----
99-21+ 6.877 6.892 6.887 6.882 6.873 6.868 6.863
99-22 6.869 6.885 6.880 6.874 6.863 6.858 6.853
99-22+ 6.860 6.878 6.872 6.866 6.854 6.848 6.842
99-23 6.852 6.871 6.865 6.858 6.845 6.838 6.832
99-23+ 6.843 6.864 6.857 6.850 6.836 6.829 6.822
99-24 6.834 6.858 6.850 6.842 6.827 6.819 6.811
99-24+ 6.826 6.851 6.842 6.834 6.817 6.809 6.801
99-25 6.817 6.844 6.835 6.826 6.808 6.799 6.791
99-25+ 6.809 6.837 6.827 6.818 6.799 6.790 6.780
99-26 6.800 6.830 6.820 6.810 6.790 6.780 6.770
99-26+ 6.791 6.823 6.813 6.802 6.781 6.770 6.759
99-27 6.783 6.816 6.805 6.794 6.772 6.760 6.749
99-27+ 6.774 6.810 6.798 6.786 6.762 6.751 6.739
99-28 6.766 6.803 6.790 6.778 6.753 6.741 6.728
99-28+ 6.757 6.796 6.783 6.770 6.744 6.731 6.718
99-29 6.748 6.789 6.775 6.762 6.735 6.721 6.708
99-29+ 6.740 6.782 6.768 6.754 6.726 6.712 6.697
99-30 6.731 6.775 6.761 6.746 6.716 6.702 6.687
99-30+ 6.723 6.768 6.753 6.738 6.707 6.692 6.677
99-31 6.714 6.762 6.746 6.730 6.698 6.682 6.667
99-31+ 6.705 6.755 6.738 6.722 6.689 6.673 6.656
100-00 6.697 6.748 6.731 6.714 6.680 6.663 6.646
100-00+ 6.688 6.741 6.723 6.706 6.671 6.653 6.636
100-01 6.680 6.734 6.716 6.698 6.662 6.643 6.625
100-01+ 6.671 6.727 6.709 6.690 6.652 6.634 6.615
100-02 6.663 6.721 6.701 6.682 6.643 6.624 6.605
100-02+ 6.654 6.714 6.694 6.674 6.634 6.614 6.594
100-03 6.645 6.707 6.686 6.666 6.625 6.605 6.584
100-03+ 6.637 6.700 6.679 6.658 6.616 6.595 6.574
100-04 6.628 6.693 6.672 6.650 6.607 6.585 6.563
100-04+ 6.620 6.687 6.664 6.642 6.598 6.575 6.553
100-05 6.611 6.680 6.657 6.634 6.588 6.566 6.543
100-05+ 6.603 6.673 6.649 6.626 6.579 6.556 6.533
100-06 6.594 6.666 6.642 6.618 6.570 6.546 6.522
100-06+ 6.586 6.659 6.635 6.610 6.561 6.537 6.512
100-07 6.577 6.652 6.627 6.602 6.552 6.527 6.502
100-07+ 6.568 6.646 6.620 6.594 6.543 6.517 6.492
100-08 6.560 6.639 6.612 6.586 6.534 6.507 6.481
100-08+ 6.551 6.632 6.605 6.578 6.525 6.498 6.471
Avg. Life 2.049 2.648 2.412 2.216 1.906 1.782 1.673
Mod. Dur. 1.813 2.275 2.096 1.944 1.698 1.597 1.508
1st Pmt. 0.078 0.078 0.078 0.078 0.078 0.078 0.078
Last Pmt. 4.828 6.411 5.828 5.328 4.494 4.161 3.911
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Financial Strategies 08/20/96 06:34:15 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP EQHEL63 Coupon 7.275
Class A2 SEQ Accr 0.52542 1st Pmt 09/25/96
Collateral 100% HOME EQUITY LOANS (Real) Factor on / /
N/GWAC (Orig) / (10.579/11.086)
WAM (Orig) (25.738) Mat 03/25/21 Settle 08/27/96
CenterPrice 99-31 Inc 0.5 Table Yield Roll@
HEP HEP HEP HEP HEP HEP HEP
Price 24.00 18.00 20.00 22.00 26.00 28.00 30.00
------ ----- ----- ----- ----- ----- ----- -----
99-21+ 7.351 7.358 7.356 7.353 7.349 7.346 7.344
99-22 7.348 7.355 7.353 7.350 7.345 7.342 7.339
99-22+ 7.344 7.352 7.350 7.347 7.341 7.338 7.335
99-23 7.341 7.349 7.347 7.344 7.337 7.334 7.331
99-23+ 7.337 7.347 7.344 7.340 7.334 7.330 7.327
99-24 7.334 7.344 7.340 7.337 7.330 7.326 7.323
99-24+ 7.330 7.341 7.337 7.334 7.326 7.322 7.318
99-25 7.327 7.338 7.334 7.331 7.322 7.318 7.314
99-25+ 7.323 7.335 7.331 7.327 7.319 7.314 7.310
99-26 7.320 7.333 7.328 7.324 7.315 7.310 7.306
99-26+ 7.316 7.330 7.325 7.321 7.311 7.306 7.302
99-27 7.313 7.327 7.322 7.318 7.308 7.302 7.297
99-27+ 7.309 7.324 7.319 7.314 7.304 7.299 7.293
99-28 7.306 7.321 7.316 7.311 7.300 7.295 7.289
99-28+ 7.302 7.319 7.313 7.308 7.296 7.291 7.285
99-29 7.299 7.316 7.310 7.304 7.293 7.287 7.280
99-29+ 7.295 7.313 7.307 7.301 7.289 7.283 7.276
99-30 7.292 7.310 7.304 7.298 7.285 7.279 7.272
99-30+ 7.288 7.307 7.301 7.295 7.282 7.275 7.268
99-31 7.285 7.305 7.298 7.291 7.278 7.271 7.264
99-31+ 7.281 7.302 7.295 7.288 7.274 7.267 7.259
100-00 7.278 7.299 7.292 7.285 7.270 7.263 7.255
100-00+ 7.274 7.296 7.289 7.282 7.267 7.259 7.251
100-01 7.271 7.293 7.286 7.278 7.263 7.255 7.247
100-01+ 7.267 7.291 7.283 7.275 7.259 7.251 7.243
100-02 7.264 7.288 7.280 7.272 7.256 7.247 7.238
100-02+ 7.260 7.285 7.277 7.269 7.252 7.243 7.234
100-03 7.257 7.282 7.274 7.266 7.248 7.239 7.230
100-03+ 7.253 7.279 7.271 7.262 7.244 7.235 7.226
100-04 7.250 7.277 7.268 7.259 7.241 7.231 7.222
100-04+ 7.246 7.274 7.265 7.256 7.237 7.227 7.217
100-05 7.243 7.271 7.262 7.253 7.233 7.223 7.213
100-05+ 7.240 7.268 7.259 7.249 7.230 7.219 7.209
100-06 7.236 7.265 7.256 7.246 7.226 7.215 7.205
100-06+ 7.233 7.263 7.253 7.243 7.222 7.211 7.201
100-07 7.229 7.260 7.250 7.240 7.218 7.207 7.196
100-07+ 7.226 7.257 7.247 7.236 7.215 7.204 7.192
100-08 7.222 7.254 7.244 7.233 7.211 7.200 7.188
100-08+ 7.219 7.251 7.241 7.230 7.207 7.196 7.184
Avg. Life 5.624 7.425 6.723 6.130 5.187 4.808 4.476
Mod. Dur. 4.465 5.550 5.144 4.784 4.180 3.925 3.696
1st Pmt. 4.828 6.411 5.828 5.328 4.494 4.161 3.911
Last Pmt. 6.494 8.578 7.744 7.078 5.994 5.578 5.161
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
Financial Strategies 08/20/96 06:34:33 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP EQHEL63 Coupon 7.700
Class A3 SEQ Accr 0.55611 1st Pmt 09/25/96
Collateral 100% HOME EQUITY LOANS (Real) Factor on / /
N/GWAC (Orig) / (10.579/11.086)
WAM (Orig) (25.738) Mat 10/25/27 Settle 08/27/96
CenterPrice 99-29 Inc 0.5 Table Yield Roll@
HEP HEP HEP HEP HEP HEP HEP
Price 24.00 18.00 20.00 22.00 26.00 28.00 30.00
------- ----- ----- ----- ----- ----- ----- -----
99-19+ 7.805 7.808 7.807 7.806 7.804 7.803 7.802
99-20 7.803 7.806 7.805 7.804 7.801 7.800 7.799
99-20+ 7.800 7.804 7.803 7.801 7.799 7.797 7.796
99-21 7.798 7.802 7.800 7.799 7.796 7.794 7.793
99-21+ 7.795 7.800 7.798 7.797 7.793 7.792 7.790
99-22 7.793 7.797 7.796 7.794 7.791 7.789 7.787
99-22+ 7.790 7.795 7.794 7.792 7.788 7.786 7.784
99-23 7.788 7.793 7.791 7.790 7.786 7.783 7.781
99-23+ 7.785 7.791 7.789 7.787 7.783 7.781 7.778
99-24 7.783 7.789 7.787 7.785 7.780 7.778 7.775
99-24+ 7.780 7.787 7.785 7.783 7.778 7.775 7.772
99-25 7.778 7.785 7.783 7.780 7.775 7.772 7.770
99-25+ 7.775 7.783 7.780 7.778 7.772 7.770 7.767
99-26 7.773 7.781 7.778 7.776 7.770 7.767 7.764
99-26+ 7.770 7.778 7.776 7.773 7.767 7.764 7.761
99-27 7.768 7.776 7.774 7.771 7.765 7.761 7.758
99-27+ 7.765 7.774 7.771 7.768 7.762 7.759 7.755
99-28 7.763 7.772 7.769 7.766 7.759 7.756 7.752
99-28+ 7.760 7.770 7.767 7.764 7.757 7.753 7.749
99-29 7.758 7.768 7.765 7.761 7.754 7.750 7.746
99-29+ 7.755 7.766 7.763 7.759 7.752 7.747 7.743
99-30 7.753 7.764 7.760 7.757 7.749 7.745 7.740
99-30+ 7.750 7.762 7.758 7.754 7.746 7.742 7.737
99-31 7.748 7.759 7.756 7.752 7.744 7.739 7.735
99-31+ 7.746 7.757 7.754 7.750 7.741 7.736 7.732
100-00 7.743 7.755 7.751 7.747 7.738 7.734 7.729
100-00+ 7.741 7.753 7.749 7.745 7.736 7.731 7.726
100-01 7.738 7.751 7.747 7.743 7.733 7.728 7.723
100-01+ 7.736 7.749 7.745 7.740 7.731 7.725 7.720
100-02 7.733 7.747 7.743 7.738 7.728 7.723 7.717
100-02+ 7.731 7.745 7.740 7.736 7.725 7.720 7.714
100-03 7.728 7.743 7.738 7.733 7.723 7.717 7.711
100-03+ 7.726 7.741 7.736 7.731 7.720 7.714 7.708
100-04 7.723 7.738 7.734 7.729 7.718 7.712 7.706
100-04+ 7.721 7.736 7.731 7.726 7.715 7.709 7.703
100-05 7.718 7.734 7.729 7.724 7.712 7.706 7.700
100-05+ 7.716 7.732 7.727 7.722 7.710 7.703 7.697
100-06 7.713 7.730 7.725 7.719 7.707 7.701 7.694
100-06+ 7.711 7.728 7.723 7.717 7.705 7.698 7.691
Avg. Life 9.173 11.701 10.772 9.937 8.478 7.863 7.317
Mod. Dur. 6.282 7.389 7.003 6.635 5.946 5.635 5.346
1st Pmt. 6.494 8.578 7.744 7.078 5.994 5.578 5.161
Last Pmt. 14.911 17.328 15.828 14.911 14.244 13.244 12.411
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
- --------------------------------------------------------------------------------
- EQHEL63
- Cut Off Date of Tape is 07/31/96
- $88,862,779.44
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,460
Aggregate Unpaid Principal Balance: $88,862,779.44
Aggregate Original Principal Balance: $88,916,743.78
Average Unpaid Principal Balance: $60,864.92
Average Original Principal Balance: $60,901.88
Maximum Unpaid Principal Balance: $287,881.79
Minimum Unpaid Principal Balance: $7,000.00
Maximum Original Principal Balance: $288,000.00
Minimum Original Principal Balance: $7,000.00
Weighted Average Gross Coupon: 11.081%
Gross Coupon Range: 8.600% - 16.250%
Weighted Average Net Coupon: 10.574% * 1st Liens = 50 bps
Net Coupon Range: 8.100% - 15.750% 2nd Liens = 75 bps
Weighted Avg. Stated Rem. Term (LPD
to Ball./Mat Date): 245.450
Stated Rem Term Range: 59.000 - 360.000
Weighted Average Age (First Pay thru
Last Pay): 0.547
Age Range: 0.000 - 4.000
Weighted Average Original Term (Term
to Ball./Mat.): 245.997
Original Term Range: 60.000 - 360.000
Weighted Average Combined LTV: 76.826 * Given
Combined LTV Range: 15.430% - 93.070%
- --------------------------------------------------------------------------------
GROSS COUPON
- ----------------------------------------------------------------
Total
Gross # % Current
Coupon Loan Pool Balance
8.50% < Gross Coupon <= 8.75% 2 .12 $102,618.39
8.75% < Gross Coupon <= 9.00% 6 .44 $389,878.82
9.00% < Gross Coupon <= 9.25% 9 .75 $670,005.58
9.25% < Gross Coupon <= 9.50% 36 2.76 $2,452,220.98
9.50% < Gross Coupon <= 9.75% 64 4.79 $4,252,213.47
9.75% < Gross Coupon <= 10.00% 113 8.42 $7,478,046.21
10.00% < Gross Coupon <= 10.25% 92 5.83 $5,181,153.12
10.25% < Gross Coupon <= 10.50% 114 8.46 $7,519,091.75
10.50% < Gross Coupon <= 10.75% 175 13.56 $12,051,450.56
10.75% < Gross Coupon <= 11.00% 157 12.50 $11,104,075.24
11.00% < Gross Coupon <= 11.25% 102 6.74 $5,989,928.53
11.25% < Gross Coupon <= 11.50% 97 6.28 $5,582,770.87
11.50% < Gross Coupon <= 11.75% 107 7.40 $6,573,096.80
11.75% < Gross Coupon <= 12.00% 64 4.00 $3,550,364.16
12.00% < Gross Coupon <= 12.25% 50 2.64 $2,342,694.45
12.25% < Gross Coupon <= 12.50% 40 2.88 $2,558,442.27
12.50% < Gross Coupon <= 12.75% 55 3.28 $2,911,765.76
12.75% < Gross Coupon <= 13.00% 40 2.46 $2,190,131.76
13.00% < Gross Coupon <= 13.25% 39 1.95 $1,731,997.83
13.25% < Gross Coupon <= 13.50% 27 1.25 $1,114,808.67
13.50% < Gross Coupon <= 13.75% 23 1.17 $1,039,091.96
13.75% < Gross Coupon <= 14.00% 12 .71 $629,495.86
14.00% < Gross Coupon <= 14.25% 14 .68 $607,282.20
14.25% < Gross Coupon <= 14.50% 11 .45 $403,130.97
14.50% < Gross Coupon <= 14.75% 1 .15 $136,000.00
14.75% < Gross Coupon <= 15.00% 6 .25 $225,050.39
15.00% < Gross Coupon <= 15.25% 1 .03 $28,875.00
15.50% < Gross Coupon <= 15.75% 1 .02 $18,200.00
15.75% < Gross Coupon <= 16.00% 1 .02 $18,897.84
16.00% < Gross Coupon <= 16.25% 1 .01 $10,000.00
- ----------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
ORIGINAL TERM TO BALLOON/MATURITY
- ----------------------------------------------------------------
Total
Original # % Current
Maturity Loan Pool Balance
50 < Original Maturity <= 60 6 .15 $129,167.02
80 < Original Maturity <= 90 2 .06 $54,324.73
90 < Original Maturity <= 100 1 .02 $21,475.00
100 < Original Maturity <= 110 1 .07 $63,776.34
110 < Original Maturity <= 120 45 1.39 $1,237,524.47
140 < Original Maturity <= 150 3 .28 $249,522.77
170 < Original Maturity <= 180 829 54.14 $48,112,864.59
230 < Original Maturity <= 240 164 9.70 $8,617,095.66
290 < Original Maturity <= 300 2 .19 $164,887.80
350 < Original Maturity <= 360 407 34.00 $30,212,141.06
- ---------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
===============================================================
REMAINING TERM TO BALLOON/MATURITY
- --------------------------------------------------------------
Total
# % Current
Remaining Term Loan Pool Balance
48 < Rem Term <= 60 6 .15 $129,167.02
72 < Rem Term <= 84 2 .06 $54,324.73
84 < Rem Term <= 96 1 .02 $21,475.00
96 < Rem Term <= 108 1 .07 $63,776.34
108 < Rem Term <= 120 45 1.39 $1,237,524.47
132 < Rem Term <= 144 3 .28 $249,522.77
168 < Rem Term <= 180 829 54.14 $48,112,864.59
228 < Rem Term <= 240 164 9.70 $8,617,095.66
288 < Rem Term <= 300 2 .19 $164,887.80
348 < Rem Term <= 360 407 34.00 $30,212,141.06
- --------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
===============================================================
===============================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY) *
- --------------------------------------------------------------
Total
# % Current
Age of Loan Loan Pool Balance
0 < Age <= 6 1,460 100.00 $88,862,779.44
- --------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
==============================================================
* Last Payment Date assumed to be Next Payment Date (7/31) minus 1 month
LAST PAYMENT DATE * Calculated using Next Payment Date minus 1 month
- -------------------------------------------------------------
Last Total
Pay # % Current
Date Loan Pool Balance
05/01/96 1 .04 $36,375.00
05/06/96 1 .08 $66,941.11
05/15/96 1 .09 $82,625.00
06/01/96 30 1.88 $1,670,393.42
06/15/96 1 .08 $66,725.00
07/01/96 800 54.17 $48,134,442.82
07/15/96 43 3.30 $2,935,614.56
08/01/96 557 38.35 $34,081,539.28
08/15/96 21 1.61 $1,431,600.00
09/01/96 4 .35 $315,200.24
10/01/96 1 .05 $41,323.01
- -------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
=============================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
COMBINED LTV RANGE * Given
- ------------------------------------------------------------
Combined LTV # of % of Current
Range Loans Pool Balance
15.0 < CLTV <= 20.0 4.00 0.09 79,247.33
20.0 < CLTV <= 25.0 4.00 0.12 108,091.06
25.0 < CLTV <= 30.0 6.00 0.15 132,205.02
30.0 < CLTV <= 35.0 5.00 0.15 130,221.71
35.0 < CLTV <= 40.0 16.00 0.46 410,388.03
40.0 < CLTV <= 45.0 10.00 0.37 326,701.83
45.0 < CLTV <= 50.0 26.00 0.93 826,914.55
50.0 < CLTV <= 55.0 36.00 1.77 1,574,452.16
55.0 < CLTV <= 60.0 53.00 2.24 1,987,301.50
60.0 < CLTV <= 65.0 77.00 4.21 3,745,204.51
65.0 < CLTV <= 70.0 128.00 7.74 6,881,112.40
70.0 < CLTV <= 75.0 213.00 13.11 11,651,771.17
75.0 < CLTV <= 80.0 570.00 41.44 36,825,276.65
80.0 < CLTV <= 85.0 270.00 23.11 20,538,808.42
85.0 < CLTV <= 90.0 40.00 3.73 3,310,722.58
90.0 < CLTV <= 95.0 2.00 0.38 334,360.52
- ------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
============================================================
ORIGINAL MORTGAGE AMOUNT
- --------------------------------------------------------------
Total
Original # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 25,000 122 2.65 $2,354,225.44
25,000 < Balance <= 50,000 541 23.15 $20,567,984.64
50,000 < Balance <= 75,000 449 30.77 $27,339,303.70
75,000 < Balance <= 100,000 178 17.31 $15,384,017.31
100,000 < Balance <= 150,000 130 17.25 $15,330,073.77
150,000 < Balance <= 202,300 27 5.37 $4,768,807.87
202,300 < Balance <= 250,000 7 1.69 $1,505,384.92
250,000 < Balance <= 300,000 6 1.82 $1,612,981.79
- --------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
==============================================================
CURRENT MORTGAGE AMOUNT
- -----------------------------------------------------------------
Total
Current # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 25,000 122 2.65 $2,354,225.44
25,000 < Balance <= 50,000 543 23.26 $20,667,937.21
50,000 < Balance <= 75,000 448 30.74 $27,314,280.34
75,000 < Balance <= 100,000 177 17.23 $15,309,088.10
100,000 < Balance <= 150,000 130 17.25 $15,330,073.77
150,000 < Balance <= 202,300 27 5.37 $4,768,807.87
202,300 < Balance <= 250,000 7 1.69 $1,505,384.92
250,000 < Balance <= 300,000 6 1.82 $1,612,981.79
- -----------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
=================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------
Total
Current
State # Loans % Pool Balance
DE 2 .17 $152,150.00
FL 76 4.71 $4,185,334.74
GA 106 6.78 $6,022,029.23
IA 3 .26 $228,915.29
ID 2 .17 $152,001.82
IL 95 7.15 $6,357,002.37
IN 102 5.30 $4,712,618.56
KY 34 1.96 $1,742,710.29
LA 47 2.14 $1,899,860.14
MD 70 7.75 $6,889,396.58
MI 212 15.12 $13,433,936.48
MO 8 .43 $383,812.23
MS 19 1.06 $940,011.36
NC 100 6.89 $6,118,360.76
OH 250 15.87 $14,105,345.31
OR 11 1.15 $1,023,639.61
SC 51 3.12 $2,772,078.16
TN 217 14.68 $13,042,321.04
WA 49 4.77 $4,242,647.64
WI 6 .52 $458,607.83
- ---------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
=========================================================
PROPERTY TYPE
- ----------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
Blanket (2 Units Detached) 5 .24 $214,041.61
Condominiums 14 .63 $559,487.32
Manufactured Housing 75 3.85 $3,419,261.43
PUD 10 1.14 $1,016,725.86
Single Family Attached 38 2.02 $1,795,573.66
Single Family Detached 1,293 90.63 $80,535,956.20
Townhouse 10 .65 $580,199.67
Two to Four Family 15 .83 $741,533.69
- ----------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
================================================================
OCCUPANCY
- -------------------------------------------------------
Total
Current
# Loans % Pool Balance
Owner Occ. 1,347 94.60 $84,065,683.85
Investor 113 5.40 $4,797,095.59
- --------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
========================================================
LOAN PURPOSE
- --------------------------------------------------------
Total
Current
# Loans % Pool Balance
Purchase 122 10.48 $9,310,620.45
Refinance/Cash Out 857 55.46 $49,280,597.54
Refinance 112 7.48 $6,642,684.12
Debt Consolidation Refi. 369 26.59 $23,628,877.33
- ---------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
=========================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
APPRAISAL VALUE
- ----------------------------------------------------
Appraisal
Value # Loans % Pool
Balance<= 25,000 11 .17
25,000 <Balance<= 50,000 274 9.06
50,000 <Balance<= 75,000 504 26.35
75,000 <Balance<= 100,000 306 21.67
100,000 <Balance<= 150,000 250 24.95
150,000 <Balance<= 200,000 75 9.57
200,000 <Balance<= 250,000 23 4.25
250,000 <Balance<= 300,000 8 1.89
300,000 <Balance<= 350,000 4 1.20
350,000 <Balance<= 400,000 3 .71
400,000 <Balance<= 450,000 1 .10
500,000 <Balance<= 600,000 1 .07
- ----------------------------------------------------
Total..... 1,460 100.00%
====================================================
LIEN STATUS
- ----------------------------------------------------
% Current
Lien Status # Loans Pool Balance
1 1,387 97.34 $86,497,743
2 73 2.66 $2,365,037
- ----------------------------------------------------
Total..... 1,460 100.00% $88,862,779
====================================================
BALLOON LOANS
- ---------------------------------------------------------------
Total
# % Current
BALLOON CODE Loan Pool Balance
No 1,010 64.62 $57,423,298.05
Yes 450 35.38 $31,439,481.39
- ---------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
===============================================================
CREDIT GRADE - LOAN PROGRAM
- --------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
A+ 40 3.38 $3,005,139.56
A 770 54.39 $48,336,264.19
B 474 31.51 $28,000,422.66
C 176 10.71 $9,520,953.03
- --------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
==============================================================
NUMBER OF UNITS
- --------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
1 1,412 97.27 $86,439,050.68
2 43 2.35 $2,086,758.18
3 2 .21 $185,003.98
4 3 .17 $151,966.60
- --------------------------------------------------------------
Total..... 1,460 100.00% $88,862,779.44
==============================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
